EPFO enhances payment options by adding 15 more banks to Direct Payment System

Employees’ Provident Fund Organisation (EPFO) has expanded its Multi-Banking Centralised Collection System by empanelling 15 more banks, bringing the total number of banks in the panel to 32. The EPFO entered into agreements with Public and Private Sector Banks in this regard in the presence of Union Minister for Labour and Employment Dr. Mansukh Mandaviya in New Delhi yesterday. 

The newly empanelled 15 banks will enable direct payment of nearly 12,000 Crore rupees in annual collections and enable direct access to employers who maintain their accounts with these banks. Speaking on the occasion, Dr Mandaviya said the country’s progress towards a Naya Bharat is being significantly



supported by institutions like EPFO, which plays a crucial role in shaping the nation’s future. 

He mentioned that with nearly 8 crore active members and more than 78 lakh pensioners, EPFO provides benefits that ensure social security for millions. He emphasized how EPFO continues to evolve and adapt, with the recent implementation of EPFO 2.01, a robust IT system that has significantly improved claim settlements. He said it settled a record over 6 crore claims, in the Financial Year 2024-25. Dr Mandaviya also pointed out that EPFO is actively working on evolving towards EPFO 3.0 to make it as accessible and efficient as banks.